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<br />e <br /> <br />e <br /> <br />LANDLORD'S WAIVER AND SUBORDINATION AGREEMENT <br /> <br />STATE OF TEXAS { <br />{ <br />COUNTY OF HARRIS { <br /> <br />WHEREAS, the City of La Porte, a municipal corporation of <br />Harris County, Texas, (the "Undersigned"), is owner of the property <br />commonly known as the City of La Porte Livestock/Rodeo Arena, and <br />more particularly described on Exhibit "A" attached hereto and made <br />a part hereof for all purposes (the "Premises"); and <br /> <br />WHEREAS, Bayshore National Bank of La Porte (the "Bank") has <br />entered into a security agreement with the La Porte Livestock Show <br />~ ~deo Association (the "Borrower") dated the ..:l'i+L day of <br />~ary, 1994, wherein the Bank is granted a security interest in <br />all or part of the Borrower's personal property, including, but not <br />limited to, certain fencing and livestock pens (the "Collateral"), <br />to be utilized by the Borrower on the above described property <br />owned by the Undersigned; and <br /> <br />WHEREAS, the Collateral is or may be located at the above <br />described premises and the Undersigned is a party to an "Agreement <br />between City of La Porte and the La Porte Livestock Show and Rodeo <br />Association regarding the use of the La Porte Livestock/Rodeo <br />Arena," on said Premises, and Bank is willing to make extensions <br />of credit to Borrower only if the Undersigned will consent to <br />Bank's security interest in the Collateral and disclaim and waive <br />any interest therein: <br /> <br />NOW, THEREFORE, in consideration of the sum of One Dollar <br />($1. 00) in hand paid to the Undersigned the receipt whereof is <br />hereby acknowledged the Undersigned intending to be legally bound <br />hereby, agrees as follows: <br /> <br />The Undersigned consents to Bank's security interest in said <br />Collateral and disclaims and waives any interest, privilege or <br />right of the Undersigned therein, such consent, waiver, and <br />disclaimer to continue so long as any sum remains owing from <br />Borrower to Bank, including but not limited to any contingent fees, <br />expenses, or interest charges therefore owing thereon and any <br />further sums hereafter advanced by Bank, and Bank may at any time, <br />either before or after foreclosure of the lease held by the <br />Undersigned, enter said Premises, or any other premises where the <br />Collateral may be found and may remove it. Said Collateral shall <br />at all times be personal property and shall not constitute fixtures <br />or be part of said premises and shall not be subject to the lien <br />of or security interest contained in the above described agreement <br />or statutory landlord's lien, and the provisions hereof shall apply <br />notwithstanding that any such Collateral may be attached or affixed <br />